LMAX Digital granted DLT provider license by Gibraltar regulator

Crypto currency exchange LMAX Digital has been granted a licence to operate as a distributed-ledger technology (DLT) provider by Gibraltar’s financial regulator.

The Gibraltar Financial Services Commission (GFSC) has deemed LMAX Digital to be compliant with its regulatory principles for firms operating as DLT or digital asset technology providers.

LMAX Digital, which launched in May 2018, was the first crypto currency exchange established by a regulated FX exchange operator and the only deliverable crypto currency exchange dedicated to institutional clients.

The offering is based on LMAX Exchange’s proprietary technology and was built in response to overwhelming demand from existing clients, according to the firm.

“We’re pleased to announce that LMAX Digital has been granted a DLT license by the GFSC. LMAX Digital was created to fill the gap in the crypto market by providing institutions with a trading platform they can trust, with deep liquidity, security of funds, and high performance, proven technology,” said David Mercer, CEO of LMAX Exchange Group.

“LMAX Exchange Group has always supported regulatory oversight and we always work proactively with regulators to help foster a transparent and trusted marketplace for all market participants. We are pleased that our efforts to create a more transparent and secure marketplace have been recognised by the GFSC.”

LMAX Digital is the latest firm to receive approval to operate in Gibraltar, with Lendingblock and Coinfloor also receiving go-aheads from the GFSC last year.

In October last year, Gibraltar’s finance minister, Albert Isola, spoke to The TRADE Crypto about the nation’s approach to crypto currency and DLT and the challenges that are holding back institutional crypto trading.